Daily Gold Update: Friday, November 4 – Gold Advances Ahead of U.S. Jobs Data

Gold Price Recap

The gold futures contract lost 1.16% on Thursday, November 3, as it reached new medium-term low of $1,618.30 on strengthening U.S. dollar, stock markets’ sell-off following Wednesday’s FOMC interest rate hike. On Wednesday the market went above the $1,670 price level, but then it quickly retraced the advance after hawkish comments from the Fed Chair Powell. This morning gold is retracing that decline, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 1.4% higher, as it is trading above the $1,650 price level again. What about the other precious metals? Silver is 2.3% higher, platinum is 1.9% higher and palladium is 1.3% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s ISM Services PMI release has been lower than expected at 54.4. Today we will get the important Non-Farm Employment Change release along with the Unemployment Rate on 8:30 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Friday, November 4

• 5:30 a.m. Eurozone – ECB President Lagarde Speech
• 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
• 8:30 a.m. Canada – Employment Change, Unemployment Rate
• 10:00 a.m. U.S. – FOMC Member Collins Speech

Monday, November 7

• 3:00 p.m. U.S. – Consumer Credit m/m
• 3:40 p.m. U.S. – FOMC Member Mester Speech, FOMC Member Collins Speech
• All Day, Eurozone – Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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